(The Ending) The phenomenon of the soft budget constraint (SBC) in a competitive environment is analyzed in the second part of the article. Its consequences for banks and the role played in developing financial crises are considered. Political intervention in firms is studied. The conclusion is...

Hungary taking stock (by J. Kornai; pp. 1-12) Keywords economic policy, reform Countries covered Hungary Topics Macroeconomic Analysis and Policy Developments in trade and FDI in services in the Visegrad countries (by O. Pindyuk; pp. 13-20) Keywords trade, services, FDI Countries covered...